A part of condominium living that owners frequently haven’t considered, or have forgotten, is the impact of the Standard Unit By-Law. If you haven’t already, you should take time read through the By-Law that describes a Standard Unit.
The Standard Unit definition is rarely mentioned but it is essential in condominiums because the Corporation is deemed to be responsible for insuring only the items listed in the Standard Unit. And that leaves the responsibilty for insuring everything else to unit owners.
Any items within the unit which are not listed in the Standard Unit By-Law, are considered to be improvements to the unit, things like upgraded trim, any interior fittings and flooring improvements, for instance. In the case of damage where the Corporation is liable, you can only expect replacement of the standard items as defined in the By-Law. Replacing betterments like your beautiful hardwood flooring for instance, is up to you and your own insurance. All owners in the corporation are thereby reassured that their common expenses will not be held liable for undefined damage from an insurable event. The By-Law also deals with dispute resolution, maintenance and repair for items on the Standard Unit list.
MTCC-570 owners will find their Standard Unit definition in By-Law 8 on pages 92 – 99 attached to the Declaration and By-Law documents.
YCC – 531 owners will see a corresponding definition in By-Law 8 on pages 96 – 103 of their Declaration and By-Law documents.